Schedule of amounts recognized in other comprehensive income from benefit plans


	Pension Benefits						Other Benefits
(dollars in thousands)	2024		2023		2022		2024		2023		2022
Amounts arising during the year:
Net loss (gain) on pension assets	$	1,190	$	(3,246)	$	24,047	$	—	$	—	$	—
Net (gain) loss on pension obligations		(4,166)		4,851		(38,949)		(963)		(542)		(5,808)
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net (gain) loss		(2,209)		(2,818)		(5,643)		1,383		1,676		497
Amount recognized in other comprehensive (loss) income	$	(5,185)	$	(1,213)	$	(20,545)	$	420	$	1,134	$	(5,311)

Summary of changes to projected or accumulated benefit obligation


	Pension Benefits				Other Benefits
(dollars in thousands)	2024		2023		2024		2023
Benefit obligation at beginning of year	$	153,571	$	155,588	$	16,784	$	16,425
Service cost		—		—		618		545
Interest cost		7,603		8,275		824		844
Actuarial (gain) loss		(4,166)		4,851		(963)		(542)
Benefit payments		(14,851)		(15,143)		(502)		(488)
Benefit obligation at end of year	$	142,157	$	153,571	$	16,761	$	16,784

Summary of funded status of plans


	Pension Benefits				Other Benefits
(dollars in thousands)	2024		2023		2024		2023
Pension assets for overfunded plans	$	11,129	$	10,533	$	—	$	—
Pension liabilities for underfunded plans		(80,374)		(86,501)		(16,761)		(16,784)
Funded status	$	(69,245)	$	(75,968)	$	(16,761)	$	(16,784)

Schedule of components of net periodic benefit cost


	Income line item where recognized in	Pension Benefits						Other Benefits
(dollars in thousands)	the consolidated statements of income	2024		2023		2022		2024		2023		2022
Service cost	Salaries and employee benefits	$	—	$	—	$	—	$	618	$	545	$	789
Interest cost	Other noninterest expense		7,603		8,275		5,518		824		844		565
Expected return on plan assets	Other noninterest expense		(3,513)		(3,534)		(3,124)		—		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		2,209		2,818		5,643		(1,383)		(1,676)		(497)
Total net periodic benefit cost		$	6,299	$	7,559	$	8,037	$	59	$	(287)	$	857

Schedule of assumptions used to determine benefit obligations and net periodic benefit cost

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2024

2023

2024

2023

2024

2023

Discount rate

5.59

%

5.22

%

5.59

%

5.22

%

5.59

%

5.22

%

Rate of compensation increase

NA

FHI ERP Pension Benefits

SERP Pension Benefits

Other Benefits

2024

2023

2022

2024

2023

2022

2024

2023

2022

Discount rate

5.22

%

5.57

%

2.77

%

5.22

%

5.57

%

2.77

%

5.22

%

5.57

%

2.77

%

Expected long-term return on plan assets

4.75

%

4.75

%

3.05

%

NA

Rate of compensation increase

NA

Schedule of allocation of employee retirement plan assets


	Asset Allocation
	2024		2023
Equity securities	11	%	11	%
Debt securities	85	%	86	%
Other securities	4	%	3	%
Total	100	%	100	%

Schedule of estimated future benefit payments


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2025	$	15,303	$	1,270
2026		15,533		1,398
2027		14,584		1,513
2028		14,042		1,578
2029		13,528		1,605
2030 to 2034		58,693		8,217

Summary of change in net actuarial loss and amortization


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)
Year ended December 31, 2024
Pension and other benefits:
Net actuarial gains arising during the year		3,939		(1,051)		2,888
Amortization of net loss included in net income		826		(220)		606
Net change in pension and other benefits		4,765		(1,271)		3,494
Investment securities:
Unrealized net gains arising during the year		13,236		(3,532)		9,704
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		45,155		(12,045)		33,110
Investment securities losses, net		26,171		(6,981)		19,190
Net change in investment securities		84,562		(22,558)		62,004
Cash flow derivative hedges:
Unrealized net losses arising during the year		(845)		225		(620)
Reclassification of net losses included in net income		1,825		(487)		1,338
Net change in cash flow derivative hedges		980		(262)		718
Other comprehensive income		90,307		(24,091)		66,216
Accumulated other comprehensive loss at December 31, 2024	$	(632,793)	$	168,799	$	(463,994)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Year ended December 31, 2023
Pension and other benefits:
Net actuarial losses arising during the year		(1,063)		284		(779)
Amortization of net loss included in net income		1,142		(305)		837
Net change in pension and other benefits		79		(21)		58
Investment securities:
Unrealized net gains arising during the year		55,141		(14,709)		40,432
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,190		(12,855)		35,335
Investment securities losses, net		39,986		(10,666)		29,320
Net change in investment securities		143,317		(38,230)		105,087
Cash flow derivative hedges:
Unrealized net losses arising during the year		(940)		251		(689)
Reclassification of net losses included in net income		6,257		(1,669)		4,588
Net change in cash flow derivative hedges		5,317		(1,418)		3,899
Other comprehensive income		148,713		(39,669)		109,044
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Year ended December 31, 2022
Pension and other benefits:
Net actuarial gains arising during the year		20,710		(5,524)		15,186
Amortization of net loss included in net income		5,146		(1,373)		3,773
Net change in pension and other benefits		25,856		(6,897)		18,959
Investment securities:
Unrealized net losses arising during the year		(773,667)		206,376		(567,291)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		48,378		(12,905)		35,473
Net change in investment securities		(725,289)		193,471		(531,818)
Cash flow derivative hedges:
Unrealized net losses arising during the year		(6,710)		1,790		(4,920)
Reclassification of net losses included in net income:		297		(79)		218
Net change in cash flow derivative hedges		(6,413)		1,711		(4,702)
Other comprehensive loss		(705,846)		188,285		(517,561)
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)

Benefit Plans